Turkey's forex sales to Botas, other state firms $1.82 billion in May – Reuters.com

A money changer counts Turkish lira bills at an currency exchange office in central Istanbul, Turkey, August 21, 2015. REUTERS/Murad Sezer
ISTANBUL, June 7 (Reuters) – Sales of foreign currency to Turkey's state economic enterprises – primarily energy importer Botas – amounted to $1.82 billion in May, the central bank said on Tuesday, down from a record $5.37 billion in February.
The total amount of foreign currency sold to state institutions so far this year was $17.9 billion, according to data. The central bank used reserves to lessen the impact of the state's forex demand in the market.
Turkey imports almost all its energy needs, leaving it vulnerable to price swings. Surging energy prices after Russia's invasion of Ukraine pushed costs higher, threatening to derail an economic plan aimed at achieving a current account surplus.
The contribution of foreign currency reserves through rediscount credits was $2.4 billion in May, adding a total $10.4 billion to central bank reserves this year via this channel.
The lira currency has lost some 20% of its value this year, on top of a 44% plunge last year.
Our Standards: The Thomson Reuters Trust Principles.
Bundesbank President Joachim Nagel objected to the European Central Bank's promise of fresh support for the bloc's indebted south at an emergency meeting last month, reviving a divide between the ECB and its biggest shareholder, sources familiar with the matter told Reuters.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved


Leave a Reply

Your email address will not be published.